Omicron virus will not derail GDP growth momentum – BSP chief

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Diokno said the wildfire-spreading variant is “mild and less lethal”.

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Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said the highly contagious Omicron variant which has stalled economic activities in the first few weeks of January, will not impact on the GDP growth momentum that has been sustained since the second quarter of last year.

“We are expecting the problem will be solved at the latest the first quarter of the year. We don’t expect that to be a major downer as far as the growth targets are concerned,” he told reporters. He also cited improved labor conditions while inflation has decelerated to 3.6 percent last December, bringing the average rate to 4.5 percent for 2021. “For this year and next, we see inflation easing back to within the target range (of two-four percent,” he reiterated.

He also said that the management of risks, the expected revitalization of key industries from government policy support and structural reforms, as well as the resumption of global economic activities, should help the local economy move toward a steady recovery path.

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You underestimate Omicron.

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